QUaker Mid-cap Value Fund Sub-Adviser:

Fund Manager

Mr. Latuda is Portfolio Manager (PM) of Kennedy Capital Management's Small Cap Value I, SMID Cap Value, Mid Cap Value, and All Cap Value portfolios. As CIO, he also serves as the Chairman of the Investment Policy Committee. Mr. Latuda began his investment career in 1992 and prior to joining Kennedy Capital, he was an analyst with Burns, Pauli, Mahoney Company. He joined Kennedy Capital as an equity analyst in 1997 and served as Director of Research from 1998 until 2000. He has been a PM since October of 2000 when he took over the Small Cap Value I strategy. Mr. Latuda earned a BS in Electrical Engineering from the University of Notre Dame, as well as an MS in Electrical Engineering and an MBA from the University of Illinois. He has been PM of the Quaker Mid-Cap Value Fund since January 1, 2009.

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